The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1887-09-29
REAL ESTATE PRICES.
Salt Lake City, Utah.

We are daily told that Salt Lake real
estate is too high in price; that in
tending investors are frightened away
when they learn of the extravagant
prices asked for property; that no
boom will come while people entertain
such exalted ideas of the value of their
property, and much more in this same
strain. ALI of which we are frank to
admit is twaddle. Except in boom
times, prices of land are as nearly in
harmony with the real value OF the
soil as the prices of other things which
are bought or sold. There is less huc-
tuatioD, Hess of the speculative in the
prices of real estate, than in anything
else, and this is as it should be. The
element of supply and demand does
not enter into land transactions as in
other things, as products, manufactures
and labor.
AS to prices in Salt Lake, they may
be somewhat higher than formerly, but
the probabilities are that they are not
unreasonable. Real estate here, as
in other places undisturbed by
extraordinary conditions and cirum-
stances, possesses an inherent value
which La well known to the owner and
can be readily arrived at by others. A
man understands very well what his
land is worth as dwelling place, as
garden or for business purposes. He
knows what it produces or him, or
how much expense it saves him; he IS
familiar with the cost of ownership and
with the revenue from ownership. and
can readily ascertain from his know
ledge OF the facts and conditions, the
real worth of his property. If he can
obtain more than the actual value
to him, he will be very apt to sell, as
men, as rule, do not permit sentiment
to run against their sel6shness or per
sonal advantage. Some Sa.. Lskers, or
for that matter, the majority of our
people, may put prices on the real es-
tate higher than others are willing to
pay, but We may be assured that those
prices are not far from the value
of the property 10 the owners.
Plainly, when more is offered for
real estate than it is actually worth to
the owner he will. as q rule, sell; when
less than the real value to him is pro-
posed, he will hold on to the land unless
his circumstances compel him to make
a sacrifice.
We would dislike to witness boom
here that was inaugursted by the peo-
pie offering their property for less than
it was worth. Instead of crowdinR
down the price of lots rather let US in
crease their value by making them
more desirable. There is another mat
ter in this connection which We should |
take into account. Fully three-fourths
the land in this city is owned by poor |
people. At present they can afford to
own and occupy their lots, but one of |
these days many of them will sell be- |
cause the money will be worth more to |
them than land which is heavily taxed |
and which yields no revenue. We
should see to it, that the value of these |
peoples possessions is not decreased. AS
. general proposition, also, it is better
to bull than bear prices of real estate.
All the booming in the west during the
past three or four years, has been done |
on increased prices. When prices go
down the boom recedes. AS in stocks
so in real estate-men like best to buy |
in an ascending market.